S&P cuts Northeast Biofuels loan

Standard & Poor's said it lowered its rating on Northeast Biofuels LLC's $140 million senior secured term loan to B- from B.

At the same time, S&P said it removed the rating from CreditWatch with negative implications.

The outlook is negative.

S&P added that the downgrade results from further delays in construction, negative amendments to the credit agreement and the elimination of the crush margin hedging agreement.

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